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Post by trentenders on Aug 19, 2018 21:58:46 GMT
Daft question: How do you get money out of the rolling market these days (i.e. once the month is up)?
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ceejay
Posts: 971 
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Post by ceejay on Aug 19, 2018 22:28:49 GMT
Why wait till the month is up? Just ask for your money back at any time - no fee.
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Post by df on Aug 19, 2018 22:41:58 GMT
Daft question: How do you get money out of the rolling market these days (i.e. once the month is up)? Transfer money to holding account and withdraw from there. Edit: Just looked at mine and it looks like there is no other reinvestment option for rolling any more. Returns will automatically go to holding account.
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Post by Badly Drawn Stickman on Aug 19, 2018 22:50:03 GMT
Why wait till the month is up? Just ask for your money back at any time - no fee. I seem to recall somebody saying that interest was not paid in that case, not sure if that is correct but probably worth checking. Maybe somebody could confirm one way or the other.
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Post by warwickshirelad on Aug 20, 2018 7:40:20 GMT
I can confirm that accrued interest is paid on Rolling Market withdrawals. If you withdraw a contract the day after it rolls, i.e. at the first opportunity, no interest is payable. Wait until the second day and interest has accrued. This is shown on the quote screen when you RYI, and the amount of capital withdrawn is reduced by the amount of the interest. You can then adjust your withdrawal amount iteratively to take account of the interest if you are trying to remove one or more contracts in their entirety. However I did this a few days ago and the withdrawal took about 36 hours instead of the same day, by which time another 2p interest had accrued. I now have a loan contract for 2p and I am waiting to see what happens when it next rolls?
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Post by fiatlender on Aug 20, 2018 7:54:32 GMT
I can confirm that accrued interest is paid on Rolling Market withdrawals. If you withdraw a contract the day after it rolls, i.e. at the first opportunity, no interest is payable. Wait until the second day and interest has accrued. This is shown on the quote screen when you RYI, and the amount of capital withdrawn is reduced by the amount of the interest. You can then adjust your withdrawal amount iteratively to take account of the interest if you are trying to remove one or more contracts in their entirety. However I did this a few days ago and the withdrawal took about 36 hours instead of the same day, by which time another 2p interest had accrued. I now have a loan contract for 2p and I am waiting to see what happens when it next rolls?
I would also add that you cannot release money the same day it has rolled over, you need to wait until the next day.
Your 2p should be returned to your holding account next time it rolls over as it's below £10, but I'm afraid you won't collect interest on it 
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 20, 2018 10:46:49 GMT
Daft question: How do you get money out of the rolling market these days (i.e. once the month is up)? Transfer money to holding account and withdraw from there. Edit: Just looked at mine and it looks like there is no other reinvestment option for rolling any more. Returns will automatically go to holding account. Regarding Rolling reinvestment option, it's actually the opposite; ie. Repayments are automatically set for reinvestment (at Market Rate), only interest can optionally go to Holding. It's what caused the furore when implemented on 6 June, but has since been announced to be retracted next month. Further to the OP, use the RYI option at any time on Rolling for no fee, but be prepared for a 14 day ban on further Rolling investment.
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09dolphin
Member of DD Central
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Post by 09dolphin on Aug 20, 2018 19:20:44 GMT
Does anyone know the actual date when the automatic reinvestment ends - ie we go back to the "old" system.
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Post by fiatlender on Aug 20, 2018 19:44:03 GMT
Does anyone know the actual date when the automatic reinvestment ends - ie we go back to the "old" system. 5th September 2018
See noticeboard in RS members area.
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Post by df on Aug 20, 2018 19:50:12 GMT
Transfer money to holding account and withdraw from there. Edit: Just looked at mine and it looks like there is no other reinvestment option for rolling any more. Returns will automatically go to holding account. Regarding Rolling reinvestment option, it's actually the opposite; ie. Repayments are automatically set for reinvestment (at Market Rate), only interest can optionally go to Holding. It's what caused the furore when implemented on 6 June, but has since been announced to be retracted next month. Further to the OP, use the RYI option at any time on Rolling for no fee, but be prepared for a 14 day ban on further Rolling investment. Yes, apologies, my mistake.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 21, 2018 6:58:32 GMT
Does anyone know the actual date when the automatic reinvestment ends - ie we go back to the "old" system. 5th September 2018
See noticeboard in RS members area.
; From what I've read I gather that it is not a complete return to the old system, just that the rate of reinvestment can be selected rather than forced to be at MR. Therefore I assume the 14 day ban for further investment after withdrawal will continue (but even if repayments cannot be automatically sent to Holding, just set a high rate and then cancel the offer)
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rscal
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Post by rscal on Aug 21, 2018 9:38:43 GMT
5th September 2018
See noticeboard in RS members area.
; From what I've read I gather that it is not a complete return to the old system, just that the rate of reinvestment can be selected rather than forced to be at MR. Therefore I assume the 14 day ban for further investment after withdrawal will continue (but even if repayments cannot be automatically sent to Holding, just set a high rate and then cancel the offer) If you have an Everyday and a separate ISA account they aren't both affected by withdrawal from either. I was able to withdraw from Everyday RM yesterday and switch into ISA RM.
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sydb
Member of DD Central
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Post by sydb on Aug 28, 2018 13:32:38 GMT
How long does a RYI typically take at the moment? Anybody just done it?
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Post by biscuit on Aug 28, 2018 13:48:08 GMT
How long does a RYI typically take at the moment? Anybody just done it? I made a withdrawal (RYI) early this morning, still no sign of it being released. Getting concerned that they are having difficulty finding another fool to take it on at the rate I was suckered into when the Rolling market rules changed Biscuit
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Stonk
Stonking
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Post by Stonk on Aug 28, 2018 13:53:32 GMT
How long does a RYI typically take at the moment? Anybody just done it? RS's systems are busy working through a backlog because of the long weekend. I think certain process are being held up in favour of finishing the payments. Releasing investment is taking hours at the moment. I requested one at 10am, and it hasn't come through yet (5 hours).
I've done quite a few releases recently in more normal conditions, and they typically take under a minute (but never bank on it).
Most of my recent releases have been done in conditions where RS would have had to re-lend at a higher rate than they were paying me; so I don't think that is the reason for the delay.
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